83-43 & 83-57 118th Street, Queens, NY, 11415, US

83-43 & 83-57 118th Street

Asset description

Rare Opportunity to Acquire Multifamily Scale in Queens - 186 Units / ~212,000 GSF
Mostly Free Market (60%) with Multiple Pathways to Add Value
Long Term Family Ownership – First Time Coming to Market in Over 30 Years
Well Maintained - $2.5MM+ in Capital Expenditures Completed in the Past 6 Years
Supply Constrained Queens Submarket With Minimal Building Turnover - No Buildings >150K Gross SF Have Traded in Kew Gardens Within the Past 10 Years

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Units

186

Building area gross

19,714 sm

Strong Free Market Rent Growth (~7.5% Average Increase for YTD 2023 Free Market Lease Trade-Outs)
Above Average Rent Guidelines Board (RGB) Rent Increases Expected for the Duration of the Current Administration (3% & 6% for 1 Year & 2 Year Increases in ‘23/’24)
Significant Spread between Pref. and Legal Rents - ~$350K/Year in Additional Potential Revenue
Possible to Duplex 15 Ground Floor Units to Basement (14 Free Market &
1 RS-MKT Super’s Unit) – Adds ~11,400 in Net Square Footage & ~$235K in Annual Gross Revenue
~52,000 BSF of Unused Air Rights – May Be Possible to Build Additional Units or Tenant Amenity Spaces in the Rear Interior Courtyard
Great Base Building Condition with Minimal Required CapEx and Deferred Maintenance
$2.5MM+ in CapEx and Building Upgrades Completed in the Past 6 Years - Includes New Elevators, Camera Systems & $1MM+ in Facade Work Completed in 2022.
Direct Access to Grand Central Terminal & Penn Station in Under 30 Minutes via Kew Gardens LIRR Station (Non-Stop Service - 18-Minute Train Ride)
Prime Candidate for Accretive Agency Financing Options (5 / 7 / 10 Year IO Options Available)